TAX LAW CHANGES
IRS Announces Effects of AMT Patch
On Dec. 26, 2007, President Bush signed into law the AMT legislation that protects an additional 21 million middle-income taxpayers from paying an estimated $2,000 in additional taxes. The vast majority of taxpayers can begin filing in mid-January, however as many as 13.5 million will have to wait as the IRS reprograms its systems to account for the new law.
Taxpayers filing any of these five AMT-credit forms must wait until February 11, 2008 to submit their returns:
Form 8863, Education Credits Form 5695, Residential Energy Credits Schedule 2, Form 1040A , Child and Dependent Care Expenses Form 8396, Mortgage Interest Credit Form 8859, District of Columbia First-Time Homebuyer Credit
The AMT legislation benefited millions of taxpayers but it has also increased tax filing complexity. At H&R Block, we're here to help, whether you choose a tax professional at one of our 13,000 retail offices, or one of H&R Block's digital tax solutions.
H&R Block recommends that its clients - software, online and retail - prepare their returns as soon as they receive their W2s. That way, you'll be ready to file as soon as the IRS begins accepting returns.
All our retail offices will open beginning Jan. 2, 2008. Our TaxCut Online and Tango programs, and TaxCut software products will be updated before the IRS officially opens the tax season. And, of course, our digital tax solutions are all backed by the experienced tax professionals of H&R Block, with access to live tax support when and if you need it.
As this legislation affects all tax preparation methods and providers, there is no faster way to get your refund than when you e-file with H&R Block.
View the entire IRS press release here. For more information, check out the Top 10 Frequently Asked Questions at the AMT Information Center on Digits. To find the H&R Block office nearest you, visit www.hrblock.com.